Uttam Galva Steel jumps on plans to ink pact with South Korean steel major Posco

          Uttam Galva Steel is currently trading at Rs. 70.95, up by 3.35 points or 4.96% from its previous closing of Rs. 67.60 on the BSE.

          The scrip opened at Rs. 69.30 and has touched a high and low of Rs. 70.95 and Rs. 69.30 respectively. So far 8054 shares were traded on the counter.

          The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 125.50 on 31-Jan-2013 and a 52 week low of Rs. 56.60 on 03-Sep-2012.

           Last one week high and low of the scrip stood at Rs. 71.20 and Rs. 65.20 respectively. The current market cap of the company is Rs. 1009.34 crore.

          The promoters holding in the company stood at 70.83% while Institutions and Non-Institutions held 15.31% and 13.86% respectively.

           Uttam Galva Steel, a leading cold-rolled and galvanised steel maker in eastern India is likely to ink pact with South Korean steel major Posco, in order to set up a three-million-tonne-an-annum (tpa) integrated steel plant at Satarda in Maharashtra. For this project, Uttam Galva has reserved about 1,700 acres of land it owns at Satarda.

          With this initiative two global steel makers, Posco along with ArcelorMittal that has 33.80% stake in Uttam Galva will come together in a steel project in India. Posco is facing land acquisition problems for their integrated steel project in Odisha, so they are considering Satarda, where Uttam Galva already owns land.[via]

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